Word: cued
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...Paso Natural Gas Co. will begin carrying gas from Arzew, Algeria, to Cove Point, Md., and Elba Island, Ga., early next year. That gas, for which El Paso signed a contract before the Arab oil embargo, will sell in the U.S. for about $1.25 per 1,000 cu. ft., v. a top federally controlled price of $1.44 for domestic gas shipped across state lines and $2 or more for uncontrolled intrastate gas. Algerian gas bought under a postembargo agreement, however, will cost Americans $3.30 per 1,000 cu. ft. The Algerians are expected to lift the price even higher...
...raise prices to cover the costs of importing foreign oil-and the U.S. is now getting a record 44% of its petroleum from abroad. The Federal Power Commission last year allowed the top price of natural gas piped across state lines to jump from 52? per 1,000 cu. ft. to $1.44, in an effort to prompt more production. The Emergency Natural Gas Act passed this month permits gas-short areas to buy from surplus areas at uncontrolled prices, and Eastern utilities are paying as much as $2.76 for gas piped in from California...
...supplies. A representative of Columbia Gas Transmission Corp., one of the nation's largest pipeline companies, prowled corporate corridors in Houston cornering utility men and offering to swap heating oil for Texas natural gas. A consortium of New York State power companies arranged for an extra 50 million cu. ft. of gas from Canada and another 50 million cu. ft. from California...
Holding Fuel. Gas producers, based mainly in the South and Southwest, have indeed been holding back fuel that could be fed into interstate pipelines for shipment to the East Coast and the Midwest, because the Federal Power Commission will let them charge no more than $1.44 per 1,000 cu. ft. for it. Instead, they have been selling the gas in the states where it is produced, mainly Texas and Louisiana, at uncontrolled prices of around $2. Indications are that the amounts of gas thus diverted are vast. Interstate pipelines took 67% of all new gas produced...
...Albany, Texas, spent $4 million drilling four wells in Colorado that one partner, Jon Rex Jones, estimates could be delivering gas to customers in six months. But he insists that he will not connect them to a pipeline unless he is certain of getting $2 per 1,000 cu. ft. for the gas. In addition, producers in Houston readily tick off examples of fields where they are sure gas exists in commercial quantities, but where they will not drill. Reason: unless the interstate price goes to $2, they fear drilling would not be profitable. George Mitchell, head of the Texas...